Perpetua Resources Selects Hatch as EPCM for Stibnite Gold Project

On December 16, 2025, Perpetua Resources announced it has selected Hatch Ltd. as the Engineering, Procurement, and Construction Management (EPCM) contractor for its Stibnite Gold Project in Idaho. As part of the agreement, Hatch will be responsible for engineering, design, procurement, and construction management. In a significant vote of confidence, Hatch will also make a $4 million equity investment into Perpetua by purchasing 138,696 common shares at a price of $28.84 per share in a private placement.

This announcement is a material positive development that further de-risks the Stibnite Gold Project on the execution front. While selecting an EPCM contractor is a standard step for any major construction project, the choice of a globally recognized firm like Hatch provides credibility.

The most critical element of this news is Hatch's concurrent $4 million investment. As the EPCM contractor, Hatch has conducted or will conduct deep technical due diligence on the project. Their decision to invest their own capital signifies strong confidence in the project's technical and economic viability. This is a powerful third-party validation from a key partner whose success is intrinsically linked to the project's success.

Furthermore, the investment price of $28.84 per share is a key signal. It represents a significant premium to the major strategic investment by Agnico Eagle ($23.30/share in October 2025) and the large institutional financing ($13.20/share in June 2025). This escalating valuation in successive placements suggests growing confidence among sophisticated parties as the project advances.

This news effectively locks in the last major operational partner required before full-scale construction can begin. With permits secured, early works underway, strategic equity partners on board, and now a world-class EPCM contractor, the company has methodically checked every box. The entire focus and primary risk for investors now shifts squarely to the final piece of the puzzle: securing the ~$2.0 billion debt facility from the U.S. EXIM bank.

Perpetua Resources is a U.S.-based mining company focused on the development of its flagship Stibnite Gold Project in Idaho. The project is a large-scale, high-grade open-pit gold mine which also hosts the only domestically mined reserve of antimony, a mineral designated as critical for U.S. national security and clean energy applications. A core tenet of the project is the environmental restoration of a brownfield site abandoned after a century of previous mining activity. The project has received strong U.S. government support due to its strategic importance.